Happiest Minds Technologies shares made a blockbuster debut, listing at a premium of 111.4 per cent at Rs 351 on the BSE against the issue price of Rs 166. On the NSE, shares of the Bengaluru-based digital IT services provider opened at Rs 350, up 110.8 per cent each vis-a-vis the issue price.
At 10:10 am, the shares of Happiest Minds were trading with gains of 117.41 per cent at Rs 360.90 on the BSE and up 117.47 per cent at Rs 366.45 on the NSE.
In the process, Happiest Minds outperformed IRCTC and DMart, which had delivered returns of just a little over 100 per cent on debut.
Happiest Minds Technologies’ Rs 702-crore IPO was over-subscribed by a whopping 150.98 times, making it one of the most subscribed share offerings in recent history. The qualified institutional buyers (QIBs) portion was subscribed 77.43 times, non-institutional investors 351.46 times and retail individual investors, 70.94 times.
The public issue was open for bidding from September 7 to September 9, in the price band of Rs 165-166 per share. The initial public offering included a fresh issue of 0.67 crore shares and offer-for-sale of 3.56 crore shares. The IPO proceeds will be used for long-term working capital requirements and general corporate purposes.
Ashok Soota is the promoter of Happiest Minds Technologies. Mr Soota was earlier the founding chairman and Managing Director of Mindtree, and vice-chairman of Wipro.
The Happiest Minds IPO is the third public listing in this calendar year, after SBI Cards and Payment Services’ offering in March and Rossari Biotech’s listing in July.